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Signature(s)

Amount
€ 60,000,000
Countries
Sector(s)
Italy : € 60,000,000
Credit lines : € 60,000,000
Signature date(s)
2/12/2021 : € 60,000,000

Summary sheet

Release date
5 October 2021
Status
Reference
Signed | 02/12/2021
20210604
Project name
Promoter - financial intermediary
ILLIMITY EGF ENHANCED SUPPLY CHAIN SUPPORT
ILLIMITY BANK SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 60 million
EUR 1344 million
Location
Sector(s)
Description
Objectives

Reverse factoring operation under the European Guarantee Fund (EGF) of trade payables of Italian corporates and mid-caps, improving access to finance of their small and medium-sized enterprise (SME) suppliers, but possibly also mid-caps and large corporates.

The operation will allow an increase in the reverse factoring volumes available for suppliers to identified mid-cap and large corporate buyers enabling access to finance at favourable financing conditions for SME and mid-cap final beneficiaries.

Additionality and Impact

The COVID19 pandemic constitutes an unprecedented challenge with very severe socio-economic consequences. One of the objectives of the EGF is to respond to the economic impact of the COVID19 pandemic outbreak, by ensuring that SMEs in the participating Member States have sufficient liquidity available and access to finance to weather the rapidly unfolding crisis, and are able to continue their development in mid/long term. The project will be implemented in Italy, where SMEs are at a greater disadvantage when it comes to access to finance than elsewhere in the EU. Supply chain guarantees, by allowing a faster collection of the invoices issued by a client, are an effective tool to ease financing constraints that, especially in Italy, affect SMEs. 

Environmental aspects
Procurement

The EIB will require that Illimity Bank SpA take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's environmental standards and related EU/national legislation.

The EIB will require that Illimity Bank SpA. take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's procurement standards and related EU/national legislation.

Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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